The Company | Investment Highlights

A Diversified Fleet of Power Generation Assets

  • Diverse group of 22 power projects totaling 1,447 MW (net ownership), located in nine U.S. states and two Canadian provinces; 15 projects currently in operation (1,175 MW net ownership)

  • Projects are well diversified based on electricity and steam customers, regulatory jurisdictions, and regional power pools

  • 93% of our power generation is "clean power" (23% renewable and the balance natural gas)

Demonstrated Operating Performance of Projects

  • Projects have a demonstrated track record of high availability and reliability

Stable Power Purchase Agreements (PPAs) with Strong, Diverse Utility Customers

  • Majority of projects sell electricity and steam to utilities and large commercial and industrial customers under long-term PPAs that have expiration dates ranging from 2019 to 2037

  • Cash flows derived from the sale of electricity under long-term PPAs typically designed to pass through fuel cost fluctuations

  • Weighted-average remaining PPA term of approximately 6.5 years; managing through near-term PPA expirations and opportunistically seeking to extend PPAs prior to expiration at select projects

  • Approximately two-thirds of Project Adjusted EBITDA is generated by PPAs that expire beyond the next five years

  • Diversified customer base, consisting mostly of regulated electric utilities with investment-grade credit ratings from Standard & Poor's (S&P)

Strong In-House Operations and Partnerships with Experienced Operators

  • Approximately 86% of our projects are operated and maintained by our seasoned team at Atlantic Power

Delivering on Balance Sheet and Cost Reduction Priorities

  • Reduced debt by approximately $1.1 billion since year end 2013, including the Company's share of debt at equity-owned projects

  • Cash interest savings associated with this debt reduction are approximately $90 million on an annualized basis

  • Leverage ratio of 3.8 times at June 30, 2018; amortizing term loan structure results in additional deleveraging over time

  • Strong liquidity of $203 million (at June 30, 2018) and improved credit profile

  • Reduced overhead costs by approximately 60% from 2013

Balanced Approach to Capital Allocation

  • Repurchased a total of $29.5 million of common shares at an average price of $2.31 since spring 2015

  • Invested $25 million in 2013 through 2017 to enhance value of existing projects by increasing output, reducing costs and improving efficiency; compelling risk-adjusted return

  • Repaid $55 million of Piedmont 8.1% project debt; now have debt-free plant with PPA that runs through 2032